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Express exits Canadian market, to close all 17 stores

By Prachi Singh

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Retail

Express has initiated an additional measure as part of its continued strategic approach to improving profitability and managing and optimizing its store footprint. As part of this plan, Express intends to close all 17 Canadian stores and discontinue its Canadian operations through its Canadian subsidiary, Express Fashion Apparel Canada.

Commenting on the development, David Kornberg, Express President and CEO said in a statement that, "The challenging Canadian retail environment, coupled with unfavourable exchange rates prevented us from meeting the expectations we had when we entered the market in 2011. The decision to exit Canada is consistent with our long-term strategy and will have no impact on our operations in the US, which remain in a solid financial position.”

For the fiscal year ended January 28, 2017, Express Canada had net sales of approximately 34 million dollars and contributed a net loss of approximately 6 million dollars to the Express consolidated financial statements.

Express Canada currently has 17 stores across Alberta, British Columbia, and Ontario. To facilitate an orderly wind-down, Express Canada intends to conduct store-closing sales beginning mid-May. Subsequent to the closings, Canadian customers will continue to be able to make purchases through the company's e-commerce website, Express.com and the Express mobile app.

Picture:Facebook/Express

Express